Buddhism and Taoism have a large local following, with more than 600 Chinese temples in the HKSAR. The major festival is the Buddha's Birthday, which falls on the eighth day of the fourth month of the lunar calendar.

Buddhist and Taoist deities are often honoured together in the same temple. Leading deities include Buddha, Kwun Yum (the Buddhist Goddess of Mercy) and Lui Cho (a Taoist god). Deified mortals such as Che Kung and Kwan Tai are also revered in recognition of their feats. Tin Hau, the Queen of Heaven and Protector of Seafarers, is worshipped widely and during the Tin Hau Festival, which falls on the 23rd day of the third lunar month, worshippers visit the famous Tin Hau temple at Joss House Bay on Clear Water Bay Peninsula. Other leading deities include Pak Tai (Supreme Emperor of the Dark Heaven and local patron of Cheung Chau Island) and Hung Shing (God of the South Seas and a weather prophet).

Notable temples in Hong Kong include the Wong Tai Sin Temple named after a Taoist deity, in the Wong Tai Sin District in Kowloon. Nearby, the Chi Lin Nunnery in Diamond Hill is a group of temple structures built in the architectural style of the Tang Dynasty. The Po Lin Monastery on Lantau Island is famous for the Tian Tan Buddha, a majestic bronze seated Buddha believed to be the largest outdoor Buddha statue of this style in the world. It attracts many visitors, especially during weekends and holidays. Other well-known temples include the Che Kung Temple in Sha Tin in the New Territories, and the Man Mo Temple in Hollywood Road on Hong Kong Island.